Existing Iron Ore and new Tantalum and Niobium targets

10 September 2014 Sula Iron & Gold plc ("Sula" or the "Company") Recommenced exploration of existing Iron Ore New Tantalum and Niobium mineralisation target areas Sula Iron and Gold plc, a multi-commodity exploration company focused on SierraLeone, is pleased to announce that it has recommenced work on its FerensolaProject targeting both Iron Ore in the BIF 2 Target area, and a new Tantalumand Niobium mineralisation target which was recently identified within thelicence area. To view a full version of the announcement, including figures, please visit theCompany's website at: www.sulaironandgold.com. Overview of BIF 2 Target Area Exploration: * Geological interpretation and regional magnetic data suggest that there is potential for the banded iron formation ("BIF") to continue in a north easterly direction; * BIF 2 Target is a 20km2 region to the north east of the known iron mineralisation, BIF 1, which was drilled in 2013 and 2014 and over which work on a maiden mineral resource estimate has commenced; * Field crews have completed the grid surveying and line cutting, which commenced in July 2014, in preparation for a magnetometer survey over BIF 2; and * SEMS Technical Services Ltd will complete the survey using the same type of equipment as used in the previous two surveys. A line spacing of 200m orientated northwest - southeast will be used, which is perpendicular to the interpreted strike of geology. Overview of tantalum - niobium exploration * Columbite-tantalite (also known as "coltan") is a metallic ore which contains varying amounts of niobium and tantalum. The primary source of this mineralisation is within pegmatites which are proximal to magmatic bodies (usually granitic in composition). These pegmatites are much more prone to weathering than the host granitic bodies or hosting country rocks that they are intruded into, causing the coltan mineralisation to be liberated into the soil horizon and alluvial system; * Due to the high density of coltan, at around 8g/cm3, it tends to remain relatively close to its source within the alluvial system; and * Recent exploration by Sula and its consultants has confirmed the existence of Tantalum and Niobium within the Blue Horizon licence. To gather an understanding of the coltan's distribution within the licence, an initial reconnaissance survey is planned. CEO Nick Warrell commented: "We are delighted to be resuming our exploration ofour licence area on schedule and without any delays caused by the weather orthecurrentEVD outbreak in Sierra Leone. Further, we are pleased to update the market following confirmation thatpegmatites within the Sula Mountains region potentially host both Tantalum andNiobium mineralisation, commonly referred to as coltan. We look forward toupdating the market on this development as we progress. This, together with our ongoing exploration of the BIF 2Target area, augurswell for the enhancement of value for our shareholders. In addition to our field programmes, and as part of our ongoing CSR programme,we are assisting two local EVD Task Forces in Dalakuru and Kabala by providingthem with medical equipment for screening people at their two check points." Enquires: Sula Iron & Gold plc +44 (0) 20 7583 8304Nick Warrell / Matt Woodwww.sulaironandgold.com Cairn Financial Advisers LLP (Nominated Adviser) +44 (0) 20 7148 7900James Caithie / Avi Robinson Daniel Stewart & Company Plc (Broker) +44 (0) 20 7776 6550Martin Lampshire Strand Hanson (Financial Adviser) +44 (0) 20 7409 3494Simon Raggett / James Harris Yellow Jersey PR +44 (0)7768 537 739Dominic Barretto / Kelsey Traynor Notes: Sula Iron & Gold plc is a multi-commodity exploration company focused on WestAfrica. The Company's main objective is to explore and advance its Ferensolaproject in Northern Sierra Leone, which is highly prospective for iron andgold. Sula is currently focused on delineating a maiden JORC compliant iron oreresource estimate and evaluating the gold prospectivity. The 153 sq. km licencearea is contiguous to African Minerals' operational Tonkolili Iron Mine, whichhas a JORC compliant resource of 12.8 billion tonnes iron mineralisation. Exploration work at Ferensola has confirmed the presence of BIF at surface,which has a known strike length of 3.1km. The BIF is proven to extend NE fromthe Tonkolili licence and into Sula's licence area. A 2,000m scout drillingprogramme conducted over a 2.2km section of BIF, confirmed the licence area'sprospectivity for high grade iron mineralisation. Significant Greenstone Belt-style gold mineralisation has also been identifiedat various prospects within the licence area. Five target areas for hard rockgold mineralisation have been identified based on the location of historicdrill intercepts, the source areas for alluvial gold deposits, and the positionof major structures as defined by airborne magnetic data and drainageorientation. The information in this release that relates to Exploration Results has beenreviewed by Mr Andrew Dacey, Non-Executive Technical Director of Sula Iron &Gold plc. Mr Dacey is a Fellow of the Institute of Materials Minerals andMining, a Registered Professional Geologist with the Australian Institute ofGeoscientists and a Competent Person as defined in the Australasian Code forReporting of exploration results and Mineral Resources and Ore Reserves.